Elton John. That guy has raked in some serious dough. What did he do with most of his money? He spent it. To support his flower habit.
The BBC reported that he spent around $400,000 on flowers in 20 months.
Elton had to take on a bunch of gigs to get paid. Gigs that he maybe didn’t want to do. Why? Because he needed cash for those flowers. I bet some sales guy at FTD.com had been stalking him.
He burnt his candle in the wind. He went bankrupt back in 2002.
How did he bounce back? He spent less and made more $.
Today, if Elton has a cash reserve, he can now decide which gigs he wants to do. Anyone seen his show in Vegas? Is it good?
Learn from Elton’s wild flower stuff.
In business, the best offense is a solid defense.
When you have money in the bank, you can say no to projects/clients/customers that aren’t right for you.
We all have worked with clients that in hindsight we should not have taken on.
You have to have the money to turn down the clients that aren’t a good fit for you.
Saying no puts you in a position of power. It feels great to say no when you know deep down that it’s just not a good fit.
You can’t say no if you need the money.
I totally get the vicious cycle. It stinks to have very little money in the bank. You take on everyone because you need the money.
Your confidence is down. You don’t feel good about yourself. You start discounting the price of your stuff. You play mindgames with yourself. You get into a funk. Believe me I have been there. Fo sho.
If you don’t have the money yet, or the cash reserve you want – why not start building it up? Everyone can start from scratch. Even Elton did. So can you.
Here’s the deal. Your lifestyle can’t go up with your income. Build the cushion.
Step 1 – make more money
Step 2 – spend a little less
Step 3 – put the cash in an emergency account
Step 4 – keep an eye out for a new course I have coming out – that can help you start from scratch